In this issue:

• Oscar: Upstart Economics, Incumbent Risks

• MicroStrategy's Megapremium

• Chip Insourcing

• More Remote

• Meritocracy in China's Government Doesn't Replicate

• Cap Structure Arbitrage in Airlines

Oscar: Small Company Economics, Big Company Risks

In Tuesday's edition, I mentioned the theory that any consumer lender with a high net promoter score and a fast …